Month: March 2014

Mining is the process of spending computing power to process transactions, secure the network, and keep everyone in the system synchronized together. It can be perceived like the Bitcoin data center except that it has been designed to be fully decentralized with miners operating in all countries and no individual having control over the network. This process is referred to as “mining” as an analogy to gold mining because it is also a temporary mechanism used to issue new bitcoins. Unlike gold mining, however, Bitcoin mining provides a reward in exchange for useful services required to operate a secure payment network. Mining will still be required after the last bitcoin is issued.

Over the course of Bitcoin’s troubled and short history (hello Mt. Gox), people have wondered if Nakamoto was an alias for a single-minded genius, or perhaps a pseudonym for a group of libertarian hackers fearing reprisals from the government for their actions, or maybe even a nickname for a shadowy group of regulation-hating Wall Street programmers.

He’s actually a 64-year-old Japanese-American living in Temple City, California in a nondescript house and his name is—wait for it—Dorian Satoshi Nakamoto.
Yes, the most mysterious figure in the history of Bitcoin never had a secret identity at all and was using his real name this whole time.

Flexcoin, a site that described itself as the “world’s first bitcoin bank,” has closed after it got hacked and all of the bitcoins it had placed in online storage were stolen, the site recently announced.

On March 2nd 2014 Flexcoin was attacked and robbed of all coins in the hot wallet. The attacker made off with 896 BTC, which is roughly $600,000.

As Flexcoin does not have the resources, assets, or otherwise to come back from this loss, we are closing our doors immediately.